Mark Wahlberg has taken a step to save the ailing fitness empire F45 with a series of workouts.
The Hollywood superstar will attend special promotions such as “Mark Wahlberg Week”, The Daily Telegraph reported on Sunday.
In addition to offering face-to-face training, the 51-year-old has been named the company’s chief brand officer.
“I really love inspiring people with my dedication to fitness and hearing from the people I’ve inspired,” the star told the paper.
“Right from the start, F45 distinguished itself through its innovative training. What I do know for sure is that innovation will remain at the heart of what is to come. I’m really looking forward to the future,” he added.
Mark Wahlberg (left) took a step to save the ailing fitness empire F45 with a series of workouts
This comes after the company dumped mountains of branded gear Facebook Marketplace in February, amid a falling stock price, a board shake-up and a looming class-action lawsuit.
The training shares of F45 fell by 60 percent last year The The company laid off 45 percent of its employees as part of a restructuring and said it would only open 40 percent of the promised new gyms.
The shares traded for around $16 during the IPO, but have not traded above $4 since then.
The ailing company has announced that three high-profile Australian tech gurus – Travel CEO Vanessa Douglas, Canstar Chief Technical Officer Angelo Demasi and PE teacher Lee Wallace – have resigned from its board of directors.
The Hollywood superstar will attend special promotions such as “Mark Wahlberg Week”, The Daily Telegraph reported on Sunday
Australian co-founder Adam Gilchrist, not a former Australian cricketer, and Hollywood actor and investor Mark Wahlberg retained their positions.
In the days following the board massacre, mountains of the brand’s sportswear were put up for sale on Facebook Marketplace.
The equipment in question is sold to Brisbane gyms owned by Wider Fitness Group.
Big Sale! Commercial quality fitness equipment for your gym or home workout space,” reads one of 21 ads.
The mountain of equipment for sale includes barbells, kettlebells and medicine balls, all starting at $2 per kilo.
It comes after the company unloaded mountains of branded merchandise on Facebook Marketplace in February amid a plunging stock price, a board shakeup and a looming class-action lawsuit.
Wahlberg (pictured with David and Candace Warner) was F45’s second largest shareholder but was able to sell 1.1 million of his F45 shares last year
Pull-up bars, foam rollers, ski machines, spinning bikes, hitting ropes and tires range in price from $10 to $1200 each.
In addition to fitness equipment, the group also sells foam mats, storage boxes, fans, racks and refrigerators.
Discounts are offered to anyone who can buy in bulk.
F45 did not respond when contacted by Daily Mail Australia.
According to the company’s official statement in February, board members resigned after the company entered into a A$130 million collateralized debt facility with a US-based private equity fund, replacing the three Australian board members with Americans.
Subordinated debt is a type of loan that ensures that all corporate debt is repaid before shareholders in the event of the company’s collapse.
F45 spin bikes were among the items offered for sale in the sports equipment ads on Facebook Marketplace
Gilchrist teamed up with Rob Deutsch to create F45 from the Rollex gym in Sydney’s White City – which Mr Deutsch founded in 2012 with a $100,000 layoff check from his previous life as a stock trader.
The couple renamed Rollex F45 and established the gym franchise model that grew into a fitness company on the rise.
Mr Gilchrist, who was chief executive until his sudden resignation in July 2022, enjoyed a lavish lifestyle as the F45 became an international success.
He struggled with celebrities and made $500 million overnight when actor Mark Wahlberg invested $450 million in F45.
Dumbbells start at $3 per pound, while kettlebells start at $2 per pound
According to Facebook ads, the franchisee sells medicine balls and a range of other fitness equipment
The gym went public with a $1.6 billion IPO in July of last year, taking the stock price to $17.28.
Mark Wahlberg has recruited David Beckham as his 2021 global ambassador for $5 million, with a similar amount ($7.2 million) paid to the soccer star in cash last July, on the first anniversary of the IPO.
Basketball legend Magic Johnson received $4 million in cash, golfer Greg Norman was another sports star recruit, and supermodel Cindy Crawford received $5 million in stock.
Instead of expanding, F45 now plans to cut staff and reduce profit and revenue guidance for fiscal 2022-2023.
Mr Gilchrist took over the position of F45 Director in March 2020 when Rob Deutsch left the company. He was in position for just over two years before he retired from the company in August.
Pictured are F45 co-founders Rob Deutsch and Mark Wahlberg at one of the gym’s franchises
Deutsch said he was devastated to hear what had happened since he left the F45.
“I would never have imagined this in my wildest dreams,” Herr Deutsch wrote on Instagram.
“When I left and sold F45, I left behind a healthy, phenomenal beast of a company, from the company culture to the heartbeat of the company…the workouts.
“The F45 was something special. I really hope that all 110 employees who have been laid off will find happiness and opportunity elsewhere.”
Source: Daily Mail
Ashley Root is an author and celebrity journalist who writes for The Fashion Vibes. With a keen eye for all things celebrity, Ashley is always up-to-date on the latest gossip and trends in the world of entertainment.
